India must aim for $1 trillion each in exports of goods and services by 2030: Piyush Goyal
New Delhi, 25 Feb. (KNN) India’s exports will exceed $650 billion in the current financial year 2021-22, said Piyush Goyal, Union Minister for Trade and Industry, Textiles, Consumer Affairs and food and public distribution.
He said this while delivering the keynote address of the CII Manufacturing Conclave 2022.
He said, from April to now till January, we would have created a record in India’s export history, hopefully for the next two months as well.
It will be a historic achievement to cross $400 billion in merchandise exports, services are also growing extremely fast, he added.
Minister Goyal said he originally estimated services exports for the current fiscal year at $225 billion, but had to reset it to $240 billion.
He added “I’ve now reset my services expectation to $250 billion; in one year the target has gone through two revisions, that’s the strength of services.”
Minister Goyal also urged large companies to integrate MSMEs both through backward and forward linkages and facilitate cash flow for their growth through timely payments.
Dwelling on government interventions to support manufacturing in India, Goyal said production-related incentive programs will create global champions in important sectors.
LIPs will also help MSMEs by creating anchor industries.
He said the PLIs will lead to self-sufficiency in critical sectors of the economy, for example, the PLI for APIs and the more recent India Semiconductor Manufacturing Support Scheme, protecting India against risks emanating from global supply chain disruptions.
Elaborating on the National Single Window System, Minister Goyal urged industry to engage with the platform and provide feedback to improve the system.
He solicited industry suggestions for simplifying and reducing compliance and opportunities for self-certification and self-regulation.
Looking at growth from both sides, services will catch up faster and by 2030 India is expected to aspire to $1 trillion in goods exports and $1 trillion in services exports, added Goyal.
He added, “Services are built on the manufacturing sector and so you have the power to bring the country to prosperity.”
The minister explained that a strong partnership between government, manufacturing and academia will help India stay at the forefront of technology, innovation and modernization.
He added that “India should focus on ‘EDGE’ in global competition i.e. economies of scale, demographic dividend, government and industry focus on quality and efficiency “.
He urged “Indian industry to think bigger and bolder every day”, to make India stronger.
Sharing his view on the relevance of “self-reliance”, in a post-COVID world, Minister Goyal said that given the global supply chain disruptions caused by the pandemic and the changing scenario geopolitics, many countries have realized the importance of ‘Atma-nirbharta’, especially in critical sectors.
Stressing the importance of industry-government partnership in making India a global manufacturing hub and creating an “Indian brand” for Indian products, Goyal urged the industry to focus on quality and shift from “compliance mindset” to a “quality consciousness” culture. ” with an emphasis on quality and productivity.
He further urged the industry to support, encourage and promote each other in domestic manufacturing.
Industry should also nurture and train young minds to enter manufacturing by encouraging innovation and interventions. (KNN Office)